Indicate (by letter) the way each of the items listed below should be reported in a balance
Question:
Indicate (by letter) the way each of the items listed below should be reported in a balance sheet at December 31, 2016.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Reporting Method N. Not r C. Current liability L. Long-term liability D. Disclosure note only A. Asset Item 1. Commercial paper 2. Noncommitted line of credit. _ 3. Customer advances. 4. Estimated quality-assurance warranty cost. 5. Accounts payable 6. Long-term bonds that will be callable by the creditor in the upcoming year unless an existing violation is not corrected (there is a reasonable possibility the violation will be corrected within the grace period). 7. Note due March 3, 2017 8. Interest accrued on note, Dec. 31, 2016. 9. Short-term bank loan to be paid with proceeds of sale of common stock. 10. A determinable gain that is contingent on a future event that appears extremely likely to occur in three months. 11. Unasserted assessment of back taxes that probably will be asserted, in which case there would probably be a loss in six months. 12. Unasserted assessment of back taxes with a reasonable possibility of being asserted, in which case there would probably be a loss in 13 months. 13. A determinable loss from a past event that is contingent on a future event that appears extremely likely to occur in three months. 14. Note payable due April 4, 2019 15. Long-term bonds callable by the creditor in the upcoming year that are not expected to be called.
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Item Reporting Method C 1 Commercial paper N Not reported D 2 Noncommitted line of credit C Current ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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